For Hometown News

VERO BEACH - Alex MacWilliam Real Estate has expanded operations to include a new commercial real estate division that will be led by sales manager, Jay Hart.

Mr. Hart, with three decades of experience in commercial lending, has established relationships with commercial investment customers and extensive first-hand knowledge managing real estate owned assets in the banking industry.

His initial focus will include matching investors to troubled assets owned by local banks and working with banks and commercial real estate owners to find qualified buyers.

His knowledge of local economic development initiatives and income-producing properties will provide commercial property investors and sellers expertise on real estate that is positioned to produce long-term returns.

"We carefully researched current trends in the local market and determined that we can best serve the community through this expansion," said Alex MacWilliam III.

"There are a growing number of banks in our community looking to sell REO properties and many small private owners of commercial properties, which were purchased during the Treasure Coast real estate boom in the mid-2000s that are coming up on three- or five-year balloon mortgages.

"With the number of vacancies in retail and office rentals, we forecast that many of these owners will be seeking buyers, as well," he said.

Mr. Hart most recently held the position of president of Seacoast National Bank in Indian River County. During his tenure, he was responsible for leading commercial loan growth in Indian River County. His principal duties also included client relationship development and management, commercial loan portfolio quality management, training, coaching and providing career development opportunities to the Indian River County staff.

Alex MacWilliam Real Estate has been serving the real estate needs of Vero Beach for more than 60 years.